University Business September 2016 - 46

Partners in HOUSING Dorm or luxury resort? Amenities at Vista del Sol, developed by American Campus Communities with Arizona State and located across from campus, include a pool with hot tub, sun deck and cabanas. developer will take in the rental revenue, allocating a portion to the school to manage residence life and security. University system officials developed a comprehensive division of labor. The agreement determined whether the school or the builder was responsible for everything from actually collecting rents to changing light bulbs or re-keying a door. At the University of Kentucky, housing and finance staff have been holding weekly meetings with its partners at EdR since 2011. Communication is important to successful public-private partnerships, Monday says. "I'm not suggesting we don't have challenges and tension-every partnership has that-but our focus is serving our Making P3 Work on Campus: Developers weigh in "What advice do you have for administrators about making long-term relationships with firms like yours beneficial for both parties?" "Colleges and universities must clearly define their primary objectives and maintain a degree of flexibility with respect to their approach in ultimately determining the business relationship with their private sector partner. By their very nature, P3s are not 'business as usual' and therefore require clarity of purpose and flexibility in approach." -James (Jamie) E. Wilhelm III, executive vice president of public private partnerships, American Campus Communities "Establish mutually beneficial goals at the onset to ensure the partnership provides authentic short- and long-term problem solving and lays out how work can translate into additional benefits for surrounding communities. A partnership is more than simply renovating or building new facilities. It should be transformative in its impact on society at large." -Kurt Ehlers, managing director, Corvias Campus Living "Frequent communication throughout the project reinforces alignment of interest and creates transparency and trust, which are paramount to a fruitful long-term partnership. Throughout the multiyear process of development, construction and management, something as simple as getting the principals at all levels together on a regularly scheduled basis to share information and update progress is key to making a partnership ultimately successful." -Tom Trubiana, president, EdR "Have conversations and meetings with potential developers/design-builders well before the RFQ/RFP process.  Ask questions and keep all options open as you gather your information. This will provide flexibility, transparency and a better understanding toward making that informed business decision for the future of your campus community." -Brett M. Stevens, vice president, BBL Campus Facilities 46 | September 2016 students so we work through it." Reaping the rewards Attracting new students and enhancing residence hall services-such as high-speed broadband and smart meeting rooms-is another key reason universities undertake P3 agreements. "We thought we could achieve greater efficiencies in operations with a partner while maintaining control over the living-learning experiences on campus," Ridley says. Unlike off-campus housing-where rental revenue is the priority-P3 agreements often create student gathering spots. In the dorms at the University of Kentucky, 67 percent of the building consists of private rooms and suites. The remaining square footage-which doesn't generate revenue-comprises classrooms, learning centers and dining halls. "These innovative spaces power learning, community, creativity, belonging and, above all, student success," says Monday. Experienced developers can help achieve those goals, adds Blattner of ACUHO-I. "[A public-private partnership] has all of the advantages of a business relationship, including access to capital and financing as well as a significant investment in educational purposes through non-revenue spaces like lounges, lobbies and rooms for group studies," he says. "It's housing with a greater purpose." Jodi Helmer is a North Carolina-based writer. MORE ONLINE @ www.UBmag.me/housing List of private developers in higher ed www.universitybusiness.com http://www.UBmag.me/housing http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business September 2016

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